MTN CEO Ralph Mupita has been awarded R39.97 million worth of shares in the company, while other executives received R120 million worth between them.
This was revealed by MTN late on Tuesday in an announcement on the JSE’s stock exchange news service.
The company explained that the award of these shares to various executives was done under its Performance Share Plan 2010.
MTN’s executives were awarded and accepted shares under this plan on 31 March 2026.
“These are subject to performance conditions, in accordance with the MTN Performance Share Plan,” MTN said.
MTN explained in its previous company reporting that its long-term incentive scheme ties executive rewards to the company’s performance over a three-year period.
The company’s board evaluates the performance of its executives using four criteria – total shareholder return, cumulative operating free cash flow, return on equity, and ESG.
The company said that all award recipients with minimum shareholding requirements have fulfilled their obligations.
“The vesting date has been accelerated to 10 December 2028, aligning with the date on which the award would normally have been granted, being 10 December 2025,” MTN said.
The awarding and acceptance of these shares comes after MTN unveiled a strong set of results for the 2025 financial year on 16 March 2026.
MTN’s profit surged to R20.3 billion after it did not experience a repeat of currency devaluations that dented some of its businesses across 18 markets, especially in Nigeria.
However, it has not been all good news for the company of late, with it being unable to sell its 49% stake in its Iranian venture, Irancell, due to US sanctions against the Middle Eastern nation.
The carrier has maintained the non-controlling shareholding in Irancell since 2006 after signing a deal with the theocracy underpinned by the Islamic Revolutionary Guard Corps.
MTN has not been able to extract profit or invest in the operation for almost eight years because of the sanctions.
“The investment in Irancell is subject to a number of sovereign, regulatory and commercial risks, which could result in the group failing to realise the full market value of its investment should it be required to dispose of any portion thereof,” the company said in its 2025 results statement.
What was once a lucrative foothold in a large emerging market has become one of the most troublesome operations for current CEO Mupita.
| Executive | Position | Total value of shares received |
| Ralph Mupita | Group President & CEO | R39,969,275 |
| Ebenezer Asante | Senior Vice President, Markets | R23,269,457 |
| Tsholofelo Molefe | Group Chief Financial Officer | R21,546,714 |
| Ferdinand J Moolman | MTN SA CEO | R20,125,000 |
| Yolanda Cuba | Director of Major Subsidiary | R12,073,220 |
| Paul Norman | Director of Major Subsidiary | R10,843,944 |
| Dineo Molefe | Director of Major Subsidiary | R6,845,197 |
| Sugentharen Perumal | Director of Major Subsidiary | R6,821,370 |
| Karl Olutokun Toriola | MTN Nigeria CEO | R5,525,460 |
| Stephen Blewett | CEO: MTN Ghana | R4,115,998 |
| Antoinette Kwofie | CFO: MTN Ghana | R2,629,636 |
| Lucy Mokoka | Group Company Secretary | R2,311,583 |
| Modupe Kadri | Director of Major Subsidiary | R2,282,020 |
| Mateboho Rantofi | Company Secretary of Subsidiary | R1,916,047 |
Source: www. dailyinvestor.com
